Alujain Corp. — Earnings Release 2011

Feb 21, 2011

Alujain announces its annual consolidated financial results for the year ending 31 Dec 2010.

2170 · 21/02/2011 15:41:01 · Announcement #20401 · View on Saudi Exchange

Alujain announces its annual consolidated financial results for the year ending 31 Dec 2010.

Alujain announces its annual consolidated financial results for the year ending 31 Dec 2010:

1. Net Income was SR42.2 million as compared to a net loss of SR27.3 million for last year.

2. Income per common share was SR0.61 as compared to loss of SR0.39 for last year.

3. Gross profit was SR179 million compared to zero (0) gross profit for last year.

4. Operating income was SR105.4 million as compared to operating loss of SR67.8 million for last year.

5. The increase in net income during 2010 in comparison to last year was mainly due to profits derived from subsidiarys (NatPet) operations which started during the 3rd quarter 2010. In compliance to the accounting standards, the income from sales prior to commercial production were deducted from cost of the plant while income realized after commercial production are included in the income statement. The impairment loss on delay of plant start-up and the related compensations from insurers and main contractor were presented in the Consolidated Income Statement as two separate economic events as per applicable accounting standards.

Certain reclassifications of prior year figures have been made in the Consolidated Income Statement to reflect the start of the subsidiarys commercial operations.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.